有色套利早报-20251223

Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the reports. 2) Core View - The reports mainly focus on the cross - market, cross - period, spot - futures, and cross - variety arbitrage tracking of non - ferrous metals (copper, zinc, aluminum, nickel, lead, tin) on December 23, 2025, presenting relevant prices, ratios, spreads, and profit data [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - Copper: On December 23, 2025, the domestic spot price was 93,770, LME spot price was 11,976, and the spot ratio was 7.73. The three - month domestic price was 94,370, LME price was 11,969, and the ratio was 7.87. The equilibrium ratio for spot import was 8.00, with a profit of - 1754.65, and the profit for spot export was 1058.03 [1]. - Zinc: The domestic spot price was 23,130, LME spot price was 3059, and the spot ratio was 7.56. The three - month domestic price was 23,155, LME price was 3092, and the ratio was 5.47. The equilibrium ratio for spot import was 8.42, with a profit of - 2628.45 [1]. - Aluminum: The domestic spot price was 21,940, LME spot price was 2919, and the spot ratio was 7.51. The three - month domestic price was 22,270, LME price was 2960, and the ratio was 7.49. The equilibrium ratio for spot import was 8.35, with a profit of - 2459.99 [1]. - Nickel: The domestic spot price was 120,850, LME spot price was 15,051, and the spot ratio was 8.03. The equilibrium ratio for spot import was 8.09, with a profit of - 557.70 [1]. - Lead: The domestic spot price was 16,800, LME spot price was 1932, and the spot ratio was 8.71. The three - month domestic price was 16,920, LME price was 1979, and the ratio was 11.66. The equilibrium ratio for spot import was 8.67, with a profit of 85.37 [3]. Cross - Period Arbitrage Tracking - Copper: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 1320, 1370, 1430, and 1480 respectively, while the theoretical spreads were 567, 1032, 1506, and 1980 respectively [4]. - Zinc: The spreads were 50, 90, 110, and 110 respectively, and the theoretical spreads were 218, 343, 467, and 591 respectively [4]. - Aluminum: The spreads were 100, 150, 180, and 205 respectively, and the theoretical spreads were 222, 344, 467, and 589 respectively [4]. - Lead: The spreads were 70, 70, 90, and 140 respectively, and the theoretical spreads were 209, 315, 420, and 525 respectively [4]. - Nickel: The spreads of the next - month, three - month, four - month, and five - month contracts relative to the spot month were 4520, 4620, 4920, and 5190 respectively [4]. - Tin: The 5 - 1 spread was 1400, and the theoretical spread was 6999 [4]. Spot - Futures Arbitrage Tracking - Copper: The spreads of the current - month and next - month contracts relative to the spot were - 665 and 655 respectively, and the theoretical spreads were 355 and 1065 respectively [4]. - Zinc: The spreads were - 65 and - 15 respectively, and the theoretical spreads were 166 and 301 respectively [4]. - Lead: The spreads were 50 and 120 respectively, and the theoretical spreads were 166 and 278 respectively [5]. Cross - Variety Arbitrage Tracking - On December 23, 2025, the cross - variety ratios for copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc in Shanghai (three - continuous contracts) were 4.08, 4.24, 5.58, 0.96, 1.32, and 0.73 respectively, and in London (three - continuous contracts) were 3.87, 4.05, 6.05, 0.95, 1.49, and 0.64 respectively [5].